RR-30-2003 - REPUBLIC OF THE PHILIPPINES DEPARTMENT OF...

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REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE December 12, 2003 REVENUE REGULATIONS NO. 30-2003 SUBJECT : Amending Further Pertinent Provisions of Revenue Regulations No. 2- 98, as Last Amended by Revenue Regulations No. 17-2003, and Revenue Regulations No. 8-98, as Amended, Providing for the Imposition of Final Withholding Tax on the Sale, Exchange or Other Disposition of Real Property Classified as Capital Assets by Non- resident Aliens, Increasing the Withholding Tax Rates on Certain Income Payments, Inclusion of Certain Income Payments, Sanctions to be Imposed on Payees Who Refuse the Withholding of Tax on Their Income/Receipts, and for Other Purposes. TO : All Internal Revenue Officers, Employees and Others Concerned . SECTION 1. SCOPE . - Pursuant to the provisions of Section 244, in relation to Sections 57(A) and (B) of the Tax Code of 1997, these regulations are hereby promulgated to further amend portions of Revenue Regulations Nos. 2-98, as last amended by Revenue Regulations No. 17-2003, and 8-98, as amended, providing for withholding as a mode of remitting final capital gains tax on the sale of real property classified as capital assets by non-resident aliens, increasing the withholding tax rates on certain income payments, inclusion of non-food products in the coverage of expanded withholding tax, providing sanctions to payees who refuse the withholding of tax on their income/receipts, and for other purposes. SECTION 2. INCOME PAYMENTS SUBJECT TO FINAL WITHHOLDING TAX . – Sec. 2.57.1 of Revenue Regulations No. 2-98, as amended, is hereby further amended to read as follows: Sec. 2.57.1. Income Payments Subject to Final Withholding Tax . - The following forms of income shall be subject to final withholding tax at the rates herein specified. (A) Income payments to a citizen or to a resident alien individual. xxx xxx xxx
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2 (B) Income Payment to Non-resident Aliens Engaged in Trade or Business in the Philippines . - The following forms of income derived from sources within the Philippines shall be subject to final withholding tax in the hands of a non-resident alien individual engaged in trade or business within the Philippines, based on the gross amount thereof and at the rates prescribed therefor: xxx xxx xxx (3) On capital gains presumed to have been realized from the sale exchange or other disposition of real property located in the Philippines, classified as capital assets, including pacto de retro sales and other forms of conditional sales based on the gross selling price or fair market value as determined in accordance with Sec. 6(E) of the Code (i.e. the authority of the Commissioner to prescribe zonal values), whichever is higher – Six percent (6%). In case of sale on installment of real property classified as capital
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This note was uploaded on 12/07/2011 for the course TAXATION 101 taught by Professor Atty.phua during the Spring '11 term at University of the Philippines Diliman.

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RR-30-2003 - REPUBLIC OF THE PHILIPPINES DEPARTMENT OF...

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